High household debt levels are spurring concerns about Asia's housing sector, but even if mortgage rates start to rise, a U.S.-style crash may not be on the cards.
Around the region, household debt levels are high, with household-debt-to-gross domestic product at 81 percent in Malaysia, at least 77 percent in Thailand, at 77 percent in Singapore and 75 percent in Korea, according to data from Standard & Poor's.
"Asia has had a good run so far, but increasingly the internal risks of Asian financial systems are rising. So, whatever we faced in 2008, if it were to come again now, the implications would be even more damaging," said Ritesh Maheshwari, managing director at S&P.
(Read more: Household debt: Singapore's 'Achilles heel'?)
In 2008, the global financial crisis peaked as a buildup in the U.S. of bad mortgage loans, many of which were securitized and used as collateral, caused many large banks to go under.